MIRA
INFORM REPORT
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Report Date : |
31.10.2008 |
IDENTIFICATION DETAILS
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Name : |
DEAT FASHION |
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Registered Office : |
2632/14-B, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1989 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter Women’s Wear, Handicraft and Accessories. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 17500 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established concern having satisfactory track. Trade
relations are fair. Payments are slow but correct. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Mandeep Singh |
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Designation : |
Key Executive |
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Contact No.: |
91-9811681309 |
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Date : |
27.10.2008 |
LOCATIONS
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Registered Office : |
2632/14-B, Main Street, Nagar, New Delhi 110008, India. |
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Tel. No.: |
91-11-25700429 |
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Mobile No.: |
91-9811681309 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Gurgaon, Haryana. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Jasvinder Singh |
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Designation : |
Proprietor |
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Date of Birth/Age : |
26 Years |
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Qualification : |
Graduate |
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Experience : |
5 Years |
KEY EXECUTIVES
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Name : |
Mr. Mandeep Singh |
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Designation : |
Key Executive |
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Date of Birth/Age : |
23 Years |
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Qualification : |
Graduate |
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Experience : |
2 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter Women’s Wear, Handicraft and Accessories. |
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Products : |
·
Ethnic Wear
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Western Formal Wear
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Casual Wear
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Party Wear
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Leather Garments and Accessories ·
Leather Bags, Wallets, Belts, Jackets, (Ladies
and Gents) ·
High Fashion Garment ·
Western Garment ·
Kids Wear |
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Exports : |
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Products : |
·
Ethnic Wear
·
Western Formal Wear
·
Casual Wear
·
Party Wear
·
Leather Garments and Accessories ·
Leather Bags, Wallets, Belts, Jackets, (Ladies
and Gents) ·
High Fashion Garment ·
Western Garment ·
Kids Wear |
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Countries : |
·
South Africa ·
USA ·
Germany ·
Sweden |
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Terms : |
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Selling : |
LC, Cash and Credit |
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Purchasing : |
Cash and Credit |
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GENERAL INFORMATION
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Suppliers : |
Own Manufacturing |
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No. of Employees : |
117 |
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Bankers : |
ICICI Bank Limited, New Delhi. |
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Banking Relations
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Satisfactory |
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Memberships : |
·
Apparel Export Promotion Council (AEPC) ·
Export Promotion Council for Handicrafts (EPCH) |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.3.500 Millions |
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Borrowed : |
NA |
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Total : |
Rs.3.500 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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35.000 |
30.000 |
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Profit/Loss for the year |
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11% |
11% |
Expected Sales (2008-09) : Rs.45.000 Millions
LOCAL AGENCY FURTHER INFORMATION
Profile:
Founded in 1989,
today, they have established their repute in many countries around the
world including South Africa, USA, Germany and Sweden. Thus, they
are a brand with a strong Indian character whose style, quality and
passion are clearly reflected in the product range. They are an eminent manufacturer and exporter of Ladies Tops, Kurtis, T-Shirts, Salwar Kurtas, Hand
Embroidered Suits, Western Suits, High Fashion Suits, and other Dresses.
Their distinctive use of handloom weaving techniques, natural dyes in vivid and
earthy colors have made the products both fashionable and desirable.
Known globally, their collection of garments has an
international appeal that combines color, energy and practicality. This
range designed exclusively for women offers a total look for everyday, for work
and for leisure, in the city and outdoors. They carry forward the
same aim and belief that remained since their inception – to offer
their customers excellent quality, first class service and competitive prices.
This is the common purpose behind all their activities, whether as a designer,
manufacturer or exporter. Owing to these, they have an export percentage of
100%. Their company is a member of the prestigious Apparel Export Promotion
Council (AEPC) and Export Promotion Council for Handicrafts (EPCH).
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.77 |
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UK Pound |
1 |
Rs.79.98 |
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Euro |
1 |
Rs.63.36 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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